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LDP launches project team on digital assets

  • January 26, 2022
  • , Jiji Press , 6:27 p.m.
  • English Press

Tokyo, Jan. 26 (Jiji Press)–A project team of Japan’s ruling Liberal Democratic Party held its first meeting on Wednesday to discuss the country’s policy on digital assets.

Participants exchanged views on non-fungible tokens, or NFTs, as business attention is growing to the new technology used to authenticate digital assets. For example, an NFT of a digital artwork has been sold for around 7.5 billion yen recently.

“Given the Japanese economy’s current situation, we mustn’t look away from new things,” Takuya Hirai, who chairs the LDP’s digital society promotion headquarters, said at the day’s team meeting.

He stressed the need to develop an environment for digital assets, noting that business development in Japan is seen as carrying a high risk “due to opaque regulations and law.”

The meeting was joined also by an official from the Japan Association of New Economy, comprising mainly of information technology firms, who explained the current situation on NFTs and related issues.

The project team is slated to conduct hearings with related business operators and draw up recommendations for the government.

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